N-Q 1 c67356_n-q.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

 

 

Investment Company Act file number

811-06312

 

The Lazard Funds, Inc.

(Exact name of Registrant as specified in charter)

 

30 Rockefeller Plaza

New York, New York 10112

(Address of principal executive offices) (Zip code)

 

Nathan A. Paul, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(Name and address of agent for service)

 

 

 

Registrant’s telephone number, including area code:

(212) 632-6000

 

 

 

Date of fiscal year end:

12/31

 

 

 

 

Date of reporting period:

8/31/2011

 


 

 

Item 1.

Schedule of Investments.

 

Grubb & Ellis AGA Realty Income Fund

Schedule of Investments

August 31, 2011 (Unaudited)

 

 

 

 

 

 

 

 
 

 

 

 

Shares

 

Value

 
           

 

 

 

 

 

 

 

 

REAL ESTATE INVESTMENT TRUSTS - 48.43%

 

 

 

 

 

 

 

Agree Realty Corp.

 

 

4,000

 

 

89,400

 

Apollo Commercial Real Estate Finance Inc.

 

 

26,700

 

 

401,301

 

CapLease, Inc.

 

 

70,000

 

 

279,300

 

Cogdell Spencer, Inc.

 

 

110,660

 

 

472,518

 

Colony Financial, Inc.

 

 

25,400

 

 

391,922

 

CommonWealth REIT

 

 

20,090

 

 

413,050

 

Dynex Capital, Inc.

 

 

43,600

 

 

400,248

 

Entertainment Properties Trust

 

 

1,000

 

 

42,130

 

Hersha Hospitality Trust

 

 

66,000

 

 

244,860

 

Hospitality Properties Trust

 

 

1,850

 

 

43,438

 

LTC Properties, Inc.

 

 

9,300

 

 

251,007

 

Medical Properties Trust, Inc.

 

 

37,100

 

 

396,599

 

Starwood Property Trust, Inc.

 

 

21,690

 

 

401,265

 

Whitestone REIT

 

 

24,000

 

 

276,480

 

 

 

 

 

 

      

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,644,474)

 

 

 

 

 

4,103,518

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

PREFERRED STOCKS - 41.57%

 

 

 

 

 

 

 

 

Real Estate - 41.57%

 

 

 

 

 

 

 

Ashford Hospitality Trust, Inc. Series A, 8.550%

 

 

15,345

 

 

383,011

 

Ashford Hospitality Trust, Inc. Series D, 8.450%

 

 

17,210

 

 

419,064

 

CapLease, Inc. Series A, 8.125%

 

 

3,100

 

 

75,144

 

CBL & Associates Properties, Inc. Series C, 7.750%

 

 

2,000

 

 

48,640

 

Cedar Shopping Centers, Inc. Series A, 8.875%

 

 

16,730

 

 

385,961

 

Cogdell Spencer, Inc. Series A, 8.5000%

 

 

11,700

 

 

288,873

 

DDR Corp. Series I, 7.5000% (a)

 

 

2,000

 

 

48,200

 

Glimcher Realty Trust Series F, 8.750%

 

 

8,860

 

 

223,892

 

Glimcher Realty Trust Series G, 8.125%

 

 

7,260

 

 

177,217

 

Hersha Hospitality Trust Series A, 8.000%

 

 

16,940

 

 

403,341

 

Kite Realty Group Trust Series A, 8.2500%

 

 

2,000

 

 

48,300

 

NorthStar Realty Finance Corp. Series A, 8.7500%

 

 

18,000

 

 

393,300

 

Parkway Properties, Inc. Series D, 8.000%

 

 

100

 

 

2,439

 

Sunstone Hotel Investors, Inc. Series A, 8.000%

 

 

26,695

 

 

634,006

 

 

 

 

 

 

      

TOTAL PREFERRED STOCKS (Cost $3,477,690)

 

 

 

 

 

3,531,388

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

COMMON STOCKS - 4.36%

 

 

 

 

 

 

 

Real Estate - 4.36%

 

 

 

 

 

 

 

CBRE Group, Inc. (a)

 

 

12,000

 

 

181,920

 

Starwood Hotels & Resorts Worldwide, Inc.

 

 

4,200

 

 

187,152

 

 

 

 

 

 

      

TOTAL COMMON STOCKS (Cost $374,870)

 

 

 

 

 

369,072

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

PURCHASED OPTIONS - 1.17%

 

 

 

 

 

 

 

iShares Dow Jones US Real Estate Index Fund

 

 

180

 

 

99,450

 

Expiration: March, 2012, Exercise Price: $55.00

 

 

 

 

 

 

 

 

 

 

 

 

      

TOTAL PURCHASED OPTIONS (Cost $76,680)

 

 

 

 

 

99,450

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

MONEY MARKET FUNDS - 1.30%

 

 

 

 

 

 

 

Fidelity Institutional Money Market Portfolio

 

 

109,771

 

 

109,771

 

 

 

 

 

 

      

TOTAL MONEY MARKET FUNDS (Cost $109,771)

 

 

 

 

 

109,771

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Total Investments (Cost $8,683,485) - 96.83%

 

 

 

 

 

8,213,199

 

Other Assets in Excess of Liabilities - 3.17%

 

 

 

 

 

259,234

 

 

 

 

 

 

      

TOTAL NET ASSETS - 100.00%

 

 

 

 

$

8,472,433

 

 

 

 

 

 

      

 

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.


 

Grubb & Ellis AGA Realty Income Fund

Schedule of Investments (continued)

August 31, 2011 (Unaudited)

 

The cost basis of investments for federal income tax purposes at August 31, 2011 was as follows*:

 

 

 

 

 

Cost of investments

 

$

8,683,485

 

Gross unrealized appreciation

 

 

187,953

 

Gross unrealized depreciation

 

 

(658,239

)

 

 

      

Net unrealized depreciation

 

$

(470,286

)

*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section of the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at August 31, 2011

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

 

 

 

Level 1 - Quoted prices in active markets for identical securities.

 

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

 

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of August 31, 2011, in valuing the Fund’s investments carried at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

                

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Investment Trusts

 

$

4,103,518

 

$

-

 

$

-

 

$

4,103,518

 

Preferred Stocks

 

 

3,531,388

 

 

-

 

 

-

 

 

3,531,388

 

Common Stocks

 

 

369,072

 

 

-

 

 

-

 

 

369,072

 

 

 

                        

Total Equity

 

 

8,003,978

 

 

-

 

 

-

 

 

8,003,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options:

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Options

 

 

99,450

 

 

-

 

 

-

 

 

99,450

 

 

 

                        

Total Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Investments

 

 

109,771

 

 

-

 

 

-

 

 

109,771

 

 

 

                        

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments in Securities

 

$

8,213,199

 

$

-

 

$

-

 

$

8,213,199

 

 

 

                        

There were no transfers into and out of Level 1 and 2 during the period ending August 31, 2011. The Fund held no Level 3 securities during the reporting period.


 

Grubb & Ellis AGA Realty Income Fund

Schedule of Investments (concluded)

August 31, 2011 (Unaudited)

 

Disclosures about Derivative Instruments and Hedging Activities

The fair value of derivative instruments as reported within this Schedule of Investments as of August 31, 2011 was as follows:

 

 

 

 

 
 

Derivatives not accounted for
as hedging instruments

 

 

 

 

 

 

Value

 
       

Purchased Options

 

$

99,450

 

 

      

Total

 

$

99,450

 

 

      

The Effect of Derivative Instruments on income for the period June 1, 2011 through August 31, 2011 was as follows:

 

 

 

 

 
         

Amount of Realized Gain or (Loss) on Derivatives
Recognized in Income

 

 

 

 
         

Derivatives not accounted for

 

Period June 1,

 

as hedging instruments

 

2011 through

 

 

 

August 31, 2011

 
       

Purchased Options

 

$

-

 

 

      

Total

 

$

-

 

 

      

 
         

 

 

 

 

 
         

Change in Unrealized Appreciation or (Depreciation) on Derivatives
Recognized in Income

 

 

 

 
         

Derivatives not accounted for

 

Period June 1,

 

as hedging instruments

 

2011 through

 

 

 

August 31, 2011

 
       

Purchased Options

 

$

22,770

 

 

      

Total

 

$

22,770

 

 

      

 

 

 

 

 
         

 

Grubb & Ellis AGA U.S. Realty Fund

Schedule of Investments

August 31, 2011 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Value

 
           

REAL ESTATE INVESTMENT TRUSTS - 85.08%

 

 

 

 

 

 

 

Apartment Investment & Management Co.

 

 

4,790

 

$

127,270

 

Ashford Hospitality Trust, Inc.

 

 

2,460

 

 

19,926

 

AvalonBay Communities, Inc.

 

 

640

 

 

87,283

 

Cambden Property Trust

 

 

990

 

 

66,152

 

CapLease, Inc.

 

 

5,990

 

 

23,900

 

Cogdell Spencer, Inc.

 

 

18,620

 

 

79,507

 

Colony Financial, Inc.

 

 

2,660

 

 

41,044

 

Developers Diversified Realty Corp.

 

 

7,550

 

 

93,545

 

Digital Realty Trust, Inc.

 

 

770

 

 

46,008

 

Douglas Emmett, Inc.

 

 

4,100

 

 

73,964

 

DuPont Fabros Technology, Inc.

 

 

2,010

 

 

46,532

 

Equity Residential

 

 

2,130

 

 

130,314

 

Essex Property Trust, Inc.

 

 

740

 

 

106,227

 

First Industrial Realty Trust, Inc. (a)

 

 

7,090

 

 

66,930

 

General Growth Properties, Inc.

 

 

12,471

 

 

170,103

 

Glimcher Realty Trust

 

 

6,540

 

 

55,655

 

Hersha Hospitality Trust

 

 

25,520

 

 

94,679

 

MPG Office Trust, Inc. (a)

 

 

21,250

 

 

59,075

 

Prologis, Inc.

 

 

3,590

 

 

97,756

 

PS Business Parks, Inc.

 

 

540

 

 

29,522

 

Public Storage

 

 

1,410

 

 

174,459

 

Simon Property Group, Inc.

 

 

2,623

 

 

308,202

 

SL Green Realty Corp.

 

 

480

 

 

34,675

 

Sunstone Hotel Investors, Inc. (a)

 

 

12,530

 

 

75,681

 

U-Store-It Trust

 

 

6,890

 

 

73,999

 

Ventas, Inc.

 

 

1,320

 

 

70,594

 

Vornado Realty Trust

 

 

2,005

 

 

172,249

 

 

 

 

 

 

      

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,368,039)

 

 

 

 

 

2,425,251

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

COMMON STOCKS - 12.80%

 

 

 

 

 

 

 

Real Estate - 12.80%

 

 

 

 

 

 

 

CBRE Group, Inc. (a)

 

 

6,870

 

 

104,150

 

Forestar Group, Inc. (a)

 

 

2,260

 

 

28,453

 

Jones Lang LaSalle, Inc.

 

 

520

 

 

34,793

 

Mariott International, Inc.

 

 

3,060

 

 

89,597

 

Starwood Hotels & Resorts Worldwide, Inc.

 

 

2,420

 

 

107,835

 

 

 

 

 

 

      

TOTAL COMMON STOCKS (Cost $437,054)

 

 

 

 

 

364,828

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

PURCHASED OPTIONS - 1.14%

 

 

 

 

 

 

 

iShares Dow Jones US Real Estate Index Fund

 

 

40

 

 

22,800

 

Expiration: January, 2012, Exercise Price: 54.00

 

 

 

 

 

 

 

iShares Dow Jones US Real Estate Index Fund

 

 

20

 

 

9,620

 

Expiration: January, 2012, Exercise Price: 55.00

 

 

 

 

 

 

 

 

 

 

 

 

      

TOTAL PURCHASED OPTIONS (Cost $24,260)

 

 

 

 

 

32,420

 

 

 

 

 

 

      

 
           

 

 

 

Principal
Amount

 

Value

 
           

SHORT-TERM INVESTMENTS - 0.57%

 

 

 

 

 

 

 

Money Market Fund - 0.57%

 

 

 

 

 

 

 

Fidelity Institutional Money Market Portfolio

 

$

16,113

 

$

16,113

 

 

 

 

 

 

      

TOTAL SHORT-TERM INVESTMENTS (Cost $16,113)

 

 

 

 

 

16,113

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Total Investments (Cost $2,845,466) - 99.59%

 

 

 

 

 

2,838,612

 

Other Assets in Excess of Liabilities - 0.41%

 

 

 

 

 

11,783

 

 

 

 

 

 

      

TOTAL NET ASSETS - 100.00%

 

 

 

 

$

2,850,395

 

 

 

 

 

 

      

Percentages are stated as a percent of net assets.

(a)     Non-income producing security.


 

Grubb & Ellis AGA U.S. Realty Fund

Schedule of Investments (continued)

August 31, 2011 (Unaudited)

 

The cost basis of investments for federal income tax purposes at August 31, 2011 was as follows*:

 

 

 

 

 

 

 

Cost of investments

 

$

2,845,466

 

 

Gross unrealized appreciation

 

 

230,616

 

 

Gross unrealized depreciation

 

 

(237,470

)

 

 

 

      

 

Net unrealized depreciation

 

$

(6,854

)

*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.

For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section of the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at August 31, 2011

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

 

 

 

Level 1 - Quoted prices in active markets for identical securities.

 

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

 

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of August 31, 2011, in valuing the Fund’s investments carried at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

                

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Investment Trusts

 

$

2,425,251

 

$

-

 

$

-

 

 

2,425,251

 

Common Stocks

 

 

364,828

 

 

-

 

 

-

 

 

364,828

 

 

 

                        

Total Equity

 

 

2,790,079

 

 

-

 

 

-

 

 

2,790,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Options

 

 

32,420

 

 

-

 

 

-

 

 

32,420

 

 

 

                        

Total Options

 

 

32,420

 

 

-

 

 

-

 

 

32,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Investments

 

 

16,113

 

 

-

 

 

-

 

 

116,363

 

 

 

                        

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments in Securities

 

$

2,838,612

 

$

-

 

$

-

 

$

2,838,612

 

 

 

                        

There were no transfers into and out of Level 1 and 2 during the period ending August 31, 2011.

The Fund held no Level 3 securities during the reporting period.


 

Grubb & Ellis AGA U.S. Realty Fund

Schedule of Investments (concluded)

August 31, 2011 (Unaudited)

 

Disclosures about Derivative Instruments and Hedging Activities

The fair value of derivative instruments as reported within this Schedule of Investments as of August 31, 2011 was as follows:

 

 

 

 

 
         

Derivatives not accounted for

 

 

 

 

as hedging instruments

 

 

 

 

 

 

Value

 
       

Purchased Options

 

$

32,420

 

 

 

      

Total

 

$

32,420

 

 

 

      

 

 

 

 

 

The Effect of Derivative Instruments on income for the period June 1, 2011 through August 31, 2011 was as follows:

 

 

 

 

 
         

Amount of Realized Gain or (Loss) on Derivatives

 

 

 

 

Recognized in Income

 

 

 

 
         

Derivatives not accounted for
as hedging instruments

 

Period June 1,
2011 through
August 31, 2011

 
       

Purchased Options

 

$

22,955

 

 

 

      

Total

 

$

22,955

 

 

 

      

 

 

 

 

 
         

 

 

 

 

 
         

Change in Unrealized Appreciation or (Depreciation) on Derivatives

 

 

 

 

Recognized in Income

 

 

 

 
         

Derivatives not accounted for
as hedging instruments

 

Period June 1,
2011 through
August 31, 2011

 
       

Purchased Options

 

$

40,999

 

 

 

      

Total

 

$

40,999

 

 

 

      

 

 

 

 

 
       


 

Grubb & Ellis AGA International Realty Fund

Schedule of Investments

August 31, 2011 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Value

 
           

 

 

 

 

 

 

 

 

COMMON STOCKS - 79.03%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia - 2.27%

 

 

 

 

 

 

 

Lend Lease Group

 

 

3,700

 

$

33,363

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Brazil - 7.71%

 

 

 

 

 

 

 

Aliansce Shopping Centers SA

 

 

3,900

 

 

30,746

 

BR Properties SA

 

 

1,400

 

 

15,364

 

Cyrela Commercial Properties SA

 

 

1,000

 

 

10,158

 

Gafisa SA

 

 

5,800

 

 

27,107

 

Multiplan Empreendimentos Imobiliarios SA

 

 

700

 

 

14,573

 

PDG Realty SA Empreendimentos e Participacoes

 

 

3,200

 

 

15,559

 

 

 

 

 

 

      

 

 

 

 

 

 

113,507

 

 

 

 

 

 

      

Canada - 4.27%

 

 

 

 

 

 

 

Brookfield Office Properties, Inc.

 

 

2,100

 

 

35,361

 

Genesis Land Development Corp. (a)

 

 

4,200

 

 

13,081

 

Melcor Developments Ltd.

 

 

1,050

 

 

14,442

 

 

 

 

 

 

      

 

 

 

 

 

 

62,884

 

 

 

 

 

 

      

China - 5.45%

 

 

 

 

 

 

 

Renhe Commercial Holdings Co. Ltd.

 

 

172,000

 

 

33,934

 

Shimao Property Holdings Ltd.

 

 

15,500

 

 

16,359

 

Shui On Land Ltd

 

 

78,000

 

 

29,947

 

 

 

 

 

 

      

 

 

 

 

 

 

80,240

 

 

 

 

 

 

      

Guernsey - 1.69%

 

 

 

 

 

 

 

Raven Russia Ltd.

 

 

26,301

 

 

24,940

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Hong Kong - 20.13%

 

 

 

 

 

 

 

Cheung Kong Holdings Ltd.

 

 

5,000

 

 

70,470

 

Great Eagle Holdings Ltd.

 

 

13,373

 

 

39,457

 

Hang Lung Properties Ltd.

 

 

4,000

 

 

14,879

 

Shun Tak Holdings Ltd.

 

 

68,000

 

 

37,679

 

Soho China Limited

 

 

25,000

 

 

22,160

 

Sun Hung Kai Properties Ltd.

 

 

7,000

 

 

98,865

 

Wharf Holdings Ltd.

 

 

2,000

 

 

12,778

 

 

 

 

 

 

      

 

 

 

 

 

 

296,288

 

 

 

 

 

 

      

Japan - 20.15%

 

 

 

 

 

 

 

Daito Trust Construction Co. Ltd.

 

 

400

 

 

37,088

 

Mitsubishi Estate Co. Ltd.

 

 

7,000

 

 

115,577

 

Mitsui Fudosan Co. Ltd.

 

 

6,000

 

 

101,514

 

Sumitomo Realty & Development Co. Ltd.

 

 

2,000

 

 

42,449

 

 

 

 

 

 

      

 

 

 

 

 

 

296,628

 

 

 

 

 

 

      

Luxembourg - 2.82%

 

 

 

 

 

 

 

Gagfah SA

 

 

7,200

 

 

41,538

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Norway - 3.49%

 

 

 

 

 

 

 

Norwegian Property ASA

 

 

28,600

 

 

51,406

 

 

 

 

 

 

      


 

Grubb & Ellis AGA International Realty Fund

Schedule of Investments (continued)

August 31, 2011 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Value

 
           

Singapore - 7.57%

 

 

 

 

 

 

 

CapitaLand Ltd.

 

 

23,000

 

$

50,054

 

Singapore Land

 

 

6,000

 

 

33,136

 

Wing Tai Holdings Ltd.

 

 

25,000

 

 

28,271

 

 

 

 

 

 

      

 

 

 

 

 

 

111,461

 

 

 

 

 

 

      

United Kingdom - 0.87%

 

 

 

 

 

 

 

Unite Group PLC

 

 

4,400

 

 

12,733

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

United States - 2.61%

 

 

 

 

 

 

 

Mariott International, Inc.

 

 

550

 

 

16,104

 

Starwood Hotels & Resorts Worldwide, Inc.

 

 

500

 

 

22,280

 

 

 

 

 

 

      

 

 

 

 

 

 

38,384

 

 

 

 

 

 

      

TOTAL COMMON STOCKS (Cost $1,209,890)

 

 

 

 

 

1,163,372

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

REAL ESTATE INVESTMENT TRUSTS- 19.27%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia - 6.02%

 

 

 

 

 

 

 

Dexus Property Group

 

 

27,000

 

 

24,851

 

Westfield Group

 

 

4,800

 

 

41,904

 

Westfield Retail Trust

 

 

7,700

 

 

21,655

 

 

 

 

 

 

      

 

 

 

 

 

 

88,410

 

 

 

 

 

 

      

Canada - 1.04%

 

 

 

 

 

 

 

Boardwalk Real Estate Investment Trust

 

 

300

 

 

15,354

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

France - 3.88%

 

 

 

 

 

 

 

Unibail-Rodamco SE (a)

 

 

265

 

 

57,106

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Great Britain - 1.72%

 

 

 

 

 

 

 

British Land Co., PLC

 

 

2,900

 

 

25,325

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Japan - 2.64%

 

 

 

 

 

 

 

Japan Hotel And Resort, Inc.

 

 

17

 

 

38,901

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Netherlands - 1.10%

 

 

 

 

 

 

 

Eurocommercial Properties NV

 

 

360

 

 

16,264

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Singapore - 2.87%

 

 

 

 

 

 

 

CDL Hospitality Trusts

 

 

28,000

 

 

42,219

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $252,335)

 

 

 

 

 

283,579

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Total Investments (Cost $1,462,225) - 98.30%

 

 

 

 

 

1,446,951

 

Other Assets in Excess of Liabilities - 1.70%

 

 

 

 

 

24,985

 

 

 

 

 

 

      

TOTAL NET ASSETS - 100.00%

 

 

 

 

$

1,471,936

 

 

 

 

 

 

      

 

 

Percentages are stated as a percent of net assets.

 

 

(a)

Non-income producing security.

 

 

Abbreviations:

ASA – Allmennakskeselskap is a Norwegian term which signifies that the company is listed on the stock-exchange.

NV – Naamloze Vennootschap is the Dutch term for a public limited liability company.

PLC – Public Limited Company.

SA – Generally designates corporations in various countries, mostly those employing the civil law.

SE – Generally designates a European public company.

Ltd – Limited Liability Company.


 

Grubb & Ellis AGA International Realty Fund

Schedule of Investments (concluded)

August 31, 2011 (Unaudited)

 

The cost basis of investments for federal income tax purposes at August 31, 2011 was as follows*:

 

 

 

 

 

Cost of investments

 

$

1,462,225

 

Gross unrealized appreciation

 

 

94,066

 

Gross unrealized depreciation

 

 

(109,340

)

 

 

      

Net unrealized depreciation

 

$

(15,274

)

*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section of the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at August 31, 2011

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

 

 

 

Level 1 - Quoted prices in active markets for identical securities.

 

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

 

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of August 31, 2011, in valuing the Fund’s investments carried at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

                

Investments in:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

214,775

 

$

948,597

 

$

-

 

$

1,163,372

 

Real Estate Investment Trusts

 

 

31,618

 

 

251,961

 

 

-

 

 

283,579

 

 

 

                        

Total

 

$

246,393

 

$

1,200,558

 

$

-

 

$

1,446,951

 

 

 

                        

There were no transfers into and out of Level 1 and 2 during the period ending August 31, 2011.

The Fund held no Level 3 securities during the reporting period.

Disclosures about Derivative Instruments and Hedging Activities

The fund did not invest in derivative securities or engage in hedging activities during the period ended August 31, 2011.


 

 

Item 2. Controls and Procedures.

(a)          The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)          There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

 

Item 3. Exhibits.

          Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Lazard Funds, Inc.

 

 

 

By:

/s/ Charles L. Carroll

 

 

  

 

 

Charles L. Carroll

 

Chief Executive Officer

 

 

Date:

October 31, 2011

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

 

By:

/s/ Charles L. Carroll

 

 

  

 

 

Charles L. Carroll

 

Chief Executive Officer

 

 

Date:

October 31, 2011

 

 

By:

/s/ Stephen St. Clair

 

 

  

 

 

Stephen St. Clair

 

Chief Financial Officer

 

 

Date:

October 31, 2011